Edited highlights
0:06 In this video, we discuss what you need to know when you miss the income tax filing deadline
0:42 Now, you will need to file your income tax return under Section 139(4)
1:00 You will also need to pay a late fee for late filing of income tax return
1:12 Till December 31, you will need to pay Rs 5,000 as late fee. If your annual income is less than Rs 5 lakh, you pay a late fee of Rs 1,000
1:21 Between December 31 and March 31, you pay Rs 10,000. So, more you delay, higher the late fee
1: 31 You need to pay penal interest for any outstanding tax with tax chargeable on a monthly basis
1:39 You pay penal interest rate for the period comprising of the time tax became due till the time you paid the tax
2:07 If income tax authorities determine that you need to pay more income tax than what you have calculated and paid, you need to pay penal interest for that amount too
2:19 When you miss your income tax deadline, you also miss out on the facility to carry forward your capital losses in the 8 subsequent assessment years
2:38 This means that you don't get to offset your capital gains with losses in the future years
2:49 This could mean higher income tax outflow in the subsequent years
3:14 You also don't get to file a revised income tax return which is otherwise allowed within 120 days of filing your income tax return, when filed before the deadline
